Working Capital Facility (6908J)
July 04 2011 - 4:59AM
UK Regulatory
TIDMNGL
RNS Number : 6908J
Norseman Gold PLC
04 July 2011
Norseman Gold plc / Epic: NGL / Index: AIM & ASX / Sector:
Mining & Exploration
Norseman Gold Plc ('Norseman Gold' or 'the Company')
Norseman Gold Closes A$15 Million Working Capital Facility
Agreement With Exp T1 Ltd, A Member Of The Red Kite Group
Norseman Gold, the AIM-listed and ASX-listed Australian gold
production company is pleased to announce the closing of a secured
working capital facility agreement with EXP T1 Ltd, a subsidiary of
RK Mine Finance Trust 1, a member of the Red Kite group of
funds('Red Kite').
Under the facility agreement, Red Kite will provide up to A$15
million of working capital to Central Norseman Gold Corporation
Limited ('CNGC'), Norseman Gold's wholly owned subsidiary, with
interest payable at LIBOR plus 6%, maturing on 1 July 2013 or
earlier, if repaid in full. As part of this agreement Norseman Gold
has paid an origination fee of 2% and issued 3,000,000 warrants to
Red Kite. Each warrant is exercisable for one ordinary share of
Norseman Gold at 30 pence per ordinary share for a period of two
years.
**ENDS**
For further information visit www.norsemangoldplc.com or
contact:
Barry Cahill Norseman Gold Plc Tel: +61 (0) 8 9473
2200
Guy Wilkes Ocean Equities Ltd Tel: +44 (0)20 7786
4370
-------------------------- --------------------
Nandita Sahgal Seymour Pierce Ltd Tel: +44 (0)20 7107
8000
-------------------------- --------------------
Jeremy Stephenson Seymour Pierce Ltd Tel: +44 (0)20 7107
8000
-------------------------- --------------------
Hugo de Salis St Brides Media & Finance Tel: +44 (0)20 7236
Ltd 1177
-------------------------- --------------------
E-mail investors@ngold.com.au
-------------------------- --------------------
Note to editors:
Norseman Gold plc is an AIM listed and ASX listed Australian
gold production company, which acquired the Norseman Gold Project
in May 2007, Australia's longest continually running gold
operation. The Norseman Gold Project is located in the Eastern
Goldfields of Western Australia in the highly prospective
Norseman-Wiluna greenstone belt, 725km east of Perth and 186km from
Kalgoorlie.
Gold was first found on the Norseman field in 1894 and over the
last 65 years, it has produced over 5.5 million ounces of gold. The
mine is currently producing from three high-grade narrow-vein
underground mines - the Bullen, the Harlequin and the OK Declines
and developing the North Royal Open Pit. Currently, it has a total
resource inventory of 3.8 million ounces of gold at an average
grade of 5.3 g/t.
The tenements cover a 2,180 sq km area centred on the Norseman
Township. The landholding comprises 221 tenements consisting of 16
Exploration Licences, 107 Mining Licences, 64 Prospecting Licences,
15 Miscellaneous Licences, 5 Exploration Licence Applications, 13
Prospecting Licence Applications and 1 Mining Lease
Application.
The Company's strategy is focused on extending the mine life
through the conversion of resources into reserves and identifying
additional resources and obtaining additional ore for the operating
mill through the development of additional mines. The Company has
fifteen advanced resource projects under review of which three have
pre-development work being undertaken on them. It is anticipated
that at least one, if not all the pre-development projects will
develop into mining propositions.
About RK Mine Finance Trust 1
RK Mine Finance provides mining companies with financing and
metal off-take agreements for initiation or expansion of mine
production. Red Kite operates across the global metals industry
from offices in Bermuda, Denver, Hong Kong, London, New York,
Shanghai and Sydney.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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